Bullion Intraday Road Map for Jan 31, 2012

Gold: currently trading at 1735.85, day trading range will remain between 1710-1742, trend is up but reversal is likely. Yesterday gold was struggling between ranges of 1711-1740 and was not above to form any directional moment. Having strong resistance at 1742 break above 1742 would signal an advance till 1755-1760 zones. Immediate supports seen at 1725 break would signal retest to 1716-1711 zones. Key support will remain at 1700 break would take it to 1680-1670 zones.

Recommendation: Selling gold around 1635-1638 would be a good trading decision with stop loss above 1742 on 4 hour close basis for targeting around 1717-1706-1684.

Silver: currently trading at 33.57, day trading range will remain between 32.70-34, trend will remain up but reversal is likely due to overbought conditions. Silver having strong resistance at 34, if manage to hold above this level for some time then rally will remain continue till our ultimate target 35.70. Immediate resistance seen at 33.72 breaks would take it to 33.90-34 zones. But 34 will remain key resistance for the day. Immediate support seen at 33.40 breaks would signal retest to 33 zones. Below 33 it is likely to taste 32.80-32.70 zones during the day.

Recommendation: selling silver around 33.60-33.80 zones would be a good trading decision with stop loss above 34 for expected targets around 33.05-32.85

Comments

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LIC Housing Finance; time for bulls?

LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...

LET THE MARKET TELL WHO WE ARE

Search This Blog